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The GEO Group: Beyond Private Prisons
Electronic Monitoring and Surveillance Services generated $213 million in operating income at a 50% operating margin in 2023.
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Republic Services: Waste Management's More Efficient Little Brother
Despite having 56 fewer landfills, Republic only has ~3% less capacity than WM, and both companies generate roughly the same free cash flow.
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Waste Management: Working With Less
WM had fewer landfills in 2023 than it did in 2009. Revenue increased 73%, FCF increased 57%, and landfill capacity in tons increased 12%.
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February 2024

McDonald's: Real Estate
The company owns 57% of the land under McDonald's restaurants and 80% of all McDonald's restaurant buildings.
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January 2024

December 2023

Favorite Podcast Episodes (2023)
Here are some of the podcast episodes that I enjoyed the most in 2023:
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Favorite Books (2023)
Here is a list of my favorite books in 2023: History/Biography How to Hide an Empire: A History of the Greater United States (Daniel Immerwahr). What It…
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August 2023

Nicotine as a Service (NaaS)
PMI used R&D to become a better nicotine company. Healthcare M&A could lead to distraction.
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2

July 2023

Nicotine as a Nootropic (NaaN)
The science says that nicotine is good for mental performance and brain health.
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2

June 2023

Philip Morris International: Capital Allocation
PMI has returned over $120 billion to shareholders since Altria spun it off in 2008.
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1

May 2023

Philip Morris International: Market Share
PMI's top five brands are taking share.
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4
Philip Morris International: Comparing Markets
Europe carries this team.
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